商业银行设立理财子公司能够实现风险隔离吗?

Can the Establishment of Wealth Management Subsidiaries Isolate the Risks of Commercial Banks?

本文以中国商业银行设立理财子公司为准自然实验,基于2018—2021年84家银行的季度财务数据,采用渐进双重差分模型(DID)考察商业银行设立理财子公司的风险隔离效应。研究发现:设立理财子公司显著降低了母公司商业银行的风险承担,能够实现理财业务与其他业务的风险隔离,且设立时间越长,风险隔离效应越显著。异质性检验和机制分析表明,这种风险隔离效应在城商行与农商行中最弱;“去嵌套、降杠杆”和“去池化、缓错配”是实现风险隔离的主要机制。对母公司商业银行和理财子公司并表的进一步分析发现,设立理财子公司不能降低银行控股集团的整体风险承担,仅能实现风险隔离。这些研究发现对于完善商业银行内部控制和外部监管具有重要启示。

This paper,by using the difference-in-difference model(DID),examines the impact of Wealth Management Subsidiary(WMS)establishment on the risk-isolation of commercial banks based on the 2018-2021 quarter data of 84 banks.The results show that the establishment of WMS significantly reduces the risk-taking level of parent commercial banks,this risk-isolation effect increases over time.Besides,heterogeneity analysis reveals that the risk-isolation effect is the weakest in the urban and rural commercial banks,and is transmitted primarily via de-nesting and fund-pool-removing channels.Further analysis by incorporating the parent bank′s balance sheet with its WMS′s indicates that establishing WMS is helpful for risk-isolation but doesn′t reduce the overall risks taken by the banking holding group.These findings have important implications for improving internal risk control and external supervision of commercial banks.